THE FINANCIAL ACTION TASK FORCE (FATF)-AML/CFT

Atw world-wide network of AML/CFT professionals brings years of relevant experience and a truly global perspective to assist you to optimize your AML/CFT management. Tailored to fit your specific needs, a team of Atw advisory professionals may include specialists on regulation, investigation, financial services, information technology, tax, audit and the law, to cover all elements ofthe increasingly challenging AML/CFT environment.

Increased regulatory scrutiny, large fines and embarrassing media headlines have placed antimoney laundering and counter financing of terrorism (AML/CFT) at the top of the agenda of all responsible Financial Institutions (FIs).

What is FATF?.

The Financial Action Task Force (FATF) is an independent inter-governmental body that develops and promotes policies to protect the global financial system against money laundering and terrorist financing. Recommendations issued by the FATF define criminal justice and regulatory measures that should be implemented to counter this problem. These Recommendations also include international co-operation and preventive measures to be taken by financial institutions and others such as casinos, real estate dealers, lawyers and accountants. The FATF Recommendations are recognised as the global anti-money laundering (AML) and counter-terrorist financing (CFT) standard.

The promotion of well regulated financial systems and services is central to any effective and comprehensive AML/CFT regime. However, applying an overly cautious approach to AML/CFT safeguards can have the unintended consequence of excluding legitimate businesses and consumers from the financial system. The FATF has therefore prepared a Guidance paper to provide support to countries and their financial institutions in designing AML/CFT measures that meet the national goal of financial inclusion, without compromising the measures that exist for the purpose of combating crime. The main aims of the document are to develop a common understanding of the FATF Standards that are relevant when promoting financial inclusion and to lay out the flexibility that the Standards offer, in particular regarding the risk-based approach (RBA), thus enabling jurisdictions to craft effective and appropriate controls.